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AMERICAN COTTON TRADE WITH LIVERPOOL UNDER 
THE EMBARGO AND NON-INTERCOURSE ACTS 

It is generally recognized that the production of cotton in the 
United States and its manufacture in Lancashire present one of 
the classic examples of international specialism. At the beginning 
of the last decade of the eighteenth century both industries were in 
their infancy. The amount produced in the United States in 1790 
is estimated at the comparatively small figure of 1,500,000 pounds. 1 
In the following year the imports into Liverpool amounted only to 
sixty-four bags. 2 At this time the " mule " was still regarded as a 
"great and extraordinary" discovery, and was only just beginning 
to be introduced into Manchester. 3 The cotton used for spinning 
by the recently invented machinery was obtained from the West 
India Islands, from South America, and from the French island of 
Bourbon, that from the latter place being the premier cotton for 
fine yarns, and commanding the highest price in the Liverpool 
market.* As early as 1795 however American " Georgia " had 
gained a prominent place among the purchases of a Manchester 
spinning firm, from whose records the information contained in this 
article is mainly derived, but, apparently, the resultant product was 
not wholly satisfactory, as complaints were not infrequent of the 
yarn spun from the "yellow wool". A Glasgow agent may have 
summed up the chief objection when, in 1796, he stated that it was 
new to the manufacturers and consequently they were not fond of 
it. Three years later however complaint was still made that 
although " Georgia " produced a stronger yarn than "Bourbon ", 
when spun into numbers over 120 s it was fit only for weft. Not- 
withstanding the objections, by the beginning of the nineteenth cen- 
tury other growths rarely appeared among the purchases of the 
firm. 5 

The usual method by which the Manchester cotton spinner ob- 
tained his raw cotton at this time was by purchase from a Man- 
chester cotton dealer who sold on long credit. Under this system, 
the spinner had but a secondary interest in the Liverpool market, 
but it was customary to receive from a broker weekly letters which 

1 Bogart, Economic History of the United States, p. 117. 

2 Smithers, Liverpool: its Commerce, Statistics and Institutions, p. 147. 

3 Autobiography of Robert Owen, p. 22. 
* Ibid., p. 32. 

5 An account of this firm and its business relationships is given in the Eco- 
nomic Journal, June, 1915. See also Autobiography of Robert Owen, p. 23, and 
Smiles, Industrial Biography, pp. 381-388. 

276 



Cotton Trade under the Embargo 277 

contained information relating to imports, prices, purchases, etc. 
These brokers, or commission agents as they are better termed, 
occupied an important place in regard to Liverpool transactions. 
Cotton was only one of numerous imported articles concerning 
which they kept their clients informed; they also received goods, 
arranged for shipments, and effected insurances. Moreover, the 
system was not peculiar to Liverpool; it obtained on the Continent 
and in America. The agents formed the commercial links and the 
intelligence department of the economic system. By means of their 
periodic reports buyers and sellers received information of the 
various markets in which they were interested, and, by availing them- 
selves of the services of the agents, could safely effect transactions 
in them without the necessity of having a full-time representative 
on the spot. When a Charleston or Savannah commission agent 
informed prospective clients by a circular of his knowledge of his 
market, and expressed his readiness to purchase and ship cotton or 
other staple products and to sell goods which might be consigned to 
him, he summed up the function of a great body of men situated 
in all parts of the commercial world. The periodic reports of these 
agents contain much interesting information concerning the condi- 
tions of the time, but, unfortunately, the above-mentioned firm did 
not begin to receive them from a Charleston agent until January, 
1807. At the end of this year the strained relations of the United 
States and Great Britain developed into the breach which was not 
repaired until December, 1814, when the treaty of Ghent was signed. 
During this period the correspondence was intermittent, ceasing 
altogether during 1808 and again before the declaration of war in 
1812, but from the Charleston reports, supplemented by others re- 
ceived from a Savannah agent, along with those of Liverpool 
brokers, it is possible to get a fairly consecutive account of the state 
of the cotton market on both sides of the Atlantic during the period 
of trade restriction. 

The causes of the trouble are well known and require no ex- 
planation. It is sufficient to say that the French Decrees and the 
British Orders in Council had imposed serious restrictions and losses 
upon neutral powers, which, owing to the position occupied by the 
United States, fell heaviest upon them and called forth retaliation. 
The measures adopted for this purpose were as follows : 6 

December 22, 1807. Embargo Act by which the United States 
ports were closed to foreign commerce. 

e Committee on Orders in Council, Reports, 1812, p. 258; Cambridge Modern 
History, VII. 



278 G. W. Daniels 

March 4, 1808. Embargo removed and a Non-Intercourse Act sub- 
stituted by which trade with France, Great Britain, their colonies 
and dependencies was prohibited. 

April 19, 1809. Erskine treaty by which trade with Great Britain 
was reopened. 

August io, 1809. Non-intercourse with Great Britain consequent 
upon the non-ratification of the Erskine treaty by the British 
government. 

May 1, 1810. Non-Intercourse Act repealed but a power vested 
in the President to renew it against the belligerent which re- 
fused to rescind its restrictive measures after revocation by the 
other. 

February 2, 181 1. Non- Importation Act by which the entry of 
British goods was prohibited. 

April 4, 1812. Embargo reimposed. 

June 19, 1812. War declared with Great Britain. 

A glance at these measures will show that they differed in 
stringency. Obviously the most stringent was the Embargo Act 
which was superseded by the Non-Intercourse Act. This measure 
would appear to be sufficiently severe, but, judging from the im- 
ports of cotton into Liverpool during its operation, it does not seem 
to have been very effective. Much more effective, apparently, was 
the Non-Importation Act which followed upon the brief open-trade 
period in 1810, but at this time circumstances had developed, which 
will be noticed later, that supplemented its operation. The imports 
of United States cotton into Liverpool from 1806 to 1814 are given 
in the following table : 7 

Bags. Bags. 

1806 100,273 1811 97,626 

1807 143,756 1812 79»528 

1808 25,426 1813 18,640 

1809 130,581 1814 . . 40,448 

1810 199,220 

From these figures it is apparent that the imports in 1807 were 
very large compared with the previous year, and it is also clear that 
advantage was taken of the diminished restrictions in 1809 and 
1810 to import on a large scale. These facts are of some signifi- 
cance in relation to the trend of prices in the Liverpool market dur- 
ing the restriction period. Some mention will be made of this later 
but this article is mainly concerned with the state of affairs in the 
American market. 

i Smithers, Liverpool, p. 147. The figures given by Smithers correspond with 
the annual statement of imports sent by Liverpool brokers to their clients. They 
were obtained from the Custom House. 



Cotton Trade under the Embargo 279 

Throughout 1807 the Charleston agent forwarded regular reports 
to the Manchester firm and in this year it does not appear that 
hindrances to trade in cotton were much experienced. It was not 
until December that mention was made of gloomy times ahead. 8 
One or two interesting items of information appear in the reports, 
which may be noticed, regarding local influences which affected the 
Charleston market. In March cotton was not very plentiful in the 
market and prices were expected to rise. The lack was not due to 
an actual scarcity but to the badness of the roads, which at the 
time were impassable. In November a reduction of price was 
anticipated but not until some quantity of the new crop came down, 
which would not take place until much rain had fallen, as the 
rivers were too low for the boats to get along. In considering the 
prospect of crops, caterpillars and hurricanes seem to have pre- 
sented almost as much difficulty as the rainfall. In almost every 
report, mention was made of the decreased quantity of Sea Island 
cotton which was likely to come to market in the future. The 
reason was that many of the Sea Island planters had ceased planting 
the black seed and were concentrating on the green seed. Taking 
Charleston and Savannah together, it was estimated that one-half of 
the planters had adopted this course, which was expected to reduce 
the crop by one-third or even one-half. The explanation of the 
charge was that the upland variety produced nearly as much again, 
was more hardy, could be prepared in half the time — as a saw-gin 
was used — and always commanded a ready sale. Two years later 
it appears that the movement was still taking place, and in the 
opinion of the Charleston agent, judging from the following passage, 
the effects were likely to be permanent : 

A large proportion of the low-country planters are going on Boweds, 
in fact, almost all those who were in the habit of raising the coarse 
quality of Sea Island. We think this will be extended every year, and 
in the end, will give us three distinct species of cotton, particularly, as 
those who now plant Sea Island are taking more pains in changing the 
seed annually, which makes the cotton finer, and are giving more time 
and pains in cleaning. We shall then have as the first quality, the prime 
Sea Island, as the second, the Bowed grown on the sea-coast, in prime 
order, and lots of one growth, and improved in staple, and as the last, 
the common run of upper-country cotton which has been generally 
shipped under the name of Upland. 

During 1808, as already mentioned, no reports were received from 
the agent ; in fact, he spent a portion of the year visiting his clients 

s It will be remembered of course that the most vigorous British Order in 
Council and the Milan Decree, as well as the American embargo, were all im- 
posed during the last two months of this year. 



280 G. W. Daniels 

in England. From the table given above, it appears however that 
considerable exports to Liverpool must have been made notwith- 
standing the embargo. Probably much of the amount can be ac- 
counted for by cotton despatched before the measure was imposed 
not arriving at Liverpool until the early part of the following year. 
It was customary for the Liverpool broker to state the arrivals in his 
weekly reports, and while it is true that vessels from America are 
mentioned until the end of June, after the first few weeks of the 
year the amounts are small, and after the date mentioned they cease 
altogether until the beginning of 1809. 

Writing at the beginning of January of that year, the Charleston 
agent expresses great disappointment that the embargo had not 
been raised at the meeting of Congress in November. During the 
summer the result had been anticipated and as a consequence prices 
had not fallen as low as might have been expected. So strong was 
the belief, that before Congress met a considerable increase had 
taken place, which was followed by a corresponding fall on receipt 
of the President's message, " while every article of importation rose 
beyond calculation ". Whatever stringency the embargo had previ- 
ously caused, it is apparent that at this time it was rapidly disap- 
pearing. In his letter the agent states that vessels were breaking 
the law every week, many having forfeited their bonds and sailed 
for Liverpool at the end of December and the beginning of January. 
The record of arrivals by the Liverpool broker corroborates the 
statement. From January a steady arrival of ships is reported 
until June, when it became a rush. In letters dated June 16 and 23 
arrivals to the extent of 28,227 bags are mentioned : an amount far 
in excess of the number reported during the whole of the previous 
year. The rush is explained of course by the Erskine treaty, which 
was supposed to come into operation on June 10. During the exist- 
ence of the embargo, large stocks had been bought on speculation in 
the Charleston market, and although so much had been despatched, 
the agent reported that the quantity was far less than it would have 
been had not heavy freight checked shipments. During the next 
two months this difficulty was removed but the market remained 
stagnant. Those who had bought at low prices awaited informa- 
tion regarding the state of the Liverpool market. By the end of 
July news had been received of the non-ratification of the Erskine 
treaty, and in August the Non-Intercourse Act came into operation. 
At this time the position in the Charleston market was that much 
cotton remained on hand from the two previous crops, the forth- 
coming crop was expected to be exceptionally good, and prices were 



Cotton Trade under the Embargo 281 

anticipated below what had obtained during the period of the 
embargo. 

Under these circumstances, coupled with the fact that news had 
arrived from Liverpool concerning the recovery of prices which 
took place when it was known that the Erskine treaty would not be 
ratified, it is not surprising to learn that strenuous efforts began to 
be made to ship cotton by indirect routes. The Charleston agent had 
no doubt that shipments would be made via Amelia Island, Lisbon, 
Cadiz, Fayal, etc., where British vessels would be met as well as 
many Americans sailing under Spanish colors. From later cor- 
respondence it is evident that his opinion was justified, and also his 
view that some individuals " who had no character to lose " would 
ship direct. All the other routes taken together do not seem to have 
attained the importance of that via Amelia Island. Immediately 
after the imposition of the Non-Intercourse Act, a representative of 
the agent was stationed at this place and difficulty in making ship- 
ments does not seem to have been very great. The greatest was the 
lack of ships and consequent heavy freight, and, of course, several 
extra charges had to be met. Freight from Charleston to Amelia 
cost one cent per pound, insurance one and a half per cent., agent's 
commission one per cent., and on the island a duty of one dollar and 
a half had to be paid. 9 The most frequent freight from Charleston 
to Liverpool in 1807 was ly^d. per pound, from Amelia to Liver- 
pool it rarely seems to have been lower than 3d., and in December, 
1809, 4d. is recorded. Early in the next year the agent reported that 
great difficulty was being experienced in securing any transport at 
all, as the majority of the ships which arrived came with specific 
orders. The following table gives some details regarding the 
Charleston market in 1807 and 1809. The 1809 prices, it will be 
noticed, reflect the conditions indicated. At the beginning of the 
year the embargo prices are revealed. Then we see the effect of the 
Erskine treaty, causing a rise sufficient to induce holders to unload 
some of their stocks. The rise is checked as the Non-Intercourse 
Act comes into operation but a recovery takes place as indirect trade 
develops. The prices compare rather badly with those for 1807 
but, at any rate, the indirect trade helped to avert the result antici- 
pated, that a lower level would be reached than obtained under the 
embargo : 

9 The commission charged by Charleston and Savannah agents for purchasing 
cotton was five per cent. A detailed account of a shipment from Charleston is 
given in the article in the Economic Journal. 



282 



G. IV. Daniels 



Upland, Price 
per Lb. 



1807 



1809 



Sea Island, Price 
per Lb.10 



1807 



Charleston to 

Liverpool, 

Freight per Lb. 



1807 1809 



Exchange on London 



1807 



January . 



Cents 
19 



Cents 
II tO 12 



Cents 

42 



February . 
March. . . . 

April 

May 



June. 
July. 



19 
20 

i8§ 

20 



August 

September. . 

October 

November. . . 
December. . . 



18 
18'- 



14 

14-145 
13-14 

12J 

12 

12 

13 

13 



38 
42 
44 

42 



Cents 
20 tO 24 

20-25 



Pence 



Pence 



2\% 

under par 



9% to 10% 
over par 



34 
34 



30 

30 
26-28 

25-27 

22-25 

23-26 

25-26 

27-28 



3 t0 3i 

ii 



par 
par 
par 

par 



2j% 

over par 



2i% 

over par 

par 



2i%-3% 
over par 

5% 
over par 

3%~5% 
over par 

2|%-4% 
over par 

2*%-4% 

over par 

par 



On May 1, 1810, the Non- Intercourse Act was repealed and open 
trade with Great Britain obtained until the act prohibiting the im- 
portation of British goods came into operation on February 2, 181 1. 
Notwithstanding the statement of the Charleston agent regarding 
the difficulty of procuring freight at the beginning of 1810, the 
reports of the Liverpool broker show continuous arrivals of cotton, 
not only by indirect routes but also direct from the United States. 
From the commencement of the year to the beginning of June, over 
40,000 bags were reported. Afterwards, direct vessels began to 
arrive regularly, bringing large supplies, which continued into the 
first few months of the next year, and then gradually declined as the 
effects of the Non-Importation Act were experienced. Before this 
act came into force, President Madison, it will be remembered, 
served three months' notice on the British government, threatening 
restrictive measures if the Orders in Council were not repealed. 
In view of this fact, the statements that at the end of December, 
1810, the Charleston and Savannah ports were crowded with ship- 
ping, that freight had risen to zYzd. per pound, and that cotton was 
being pushed off as rapidly as possible, require no explanation. 
Upland cotton at this time was selling at 15J/2 to 16 cents, and 
Sea Island at 28 to 32 cents per pound, with the exchanges at 
five per cent, below par. 

During 1810 the state of the exchanges had become a great 
source of grievance to the Charleston agent, and in December, the 

10 In 1807 the prices of Sea Island were given in pence. They have been 
changed into cents by allowing two for each penny. 



Cotton Trade under the Embargo 283 

situation had so developed that he could not see the least prospect 
of amendment "owing to the very great scarcity of money in New 
York and Philadelphia ", which he considered was due mainly to the 
refusal to renew the charter of the Bank of the United States. 
During the next year his opinion regarding the prospect of amend- 
ment was more than justified, though his explanation may not be 
sufficiently comprehensive. The position in March, 1811, is de- 
scribed in a letter from a Savannah agent. After lamenting that 
the Bank charter had been allowed to expire he proceeds : 

We are allowed to export to Great Britain our own Produce in our 
own Ships, but that if either her Ships, Produce, or Manufactures are 
found within our waters they are subject to confiscation; this is a situa- 
tion which I believe no other country was ever placed in, to be allowed 
to send all Produce to a place where nothing could be received in return. 
Bills on England have in consequence of these and other circumstances 
become unsaleable, or when sold it is at a very considerable Discount 
from the par of Exchange, in some instances, 10 to 12 per cent. Busi- 
ness, of course, is almost entirely at a stand, there are few Purchasers 
in the market and Prices merely nominal. 

In February the Charleston agent had reported that trade had 
become stagnant and that cotton was fast accumulating in the ware- 
houses. Upland cotton had fallen to 12^ cents per pound, but 
less impression had been made upon Sea Island, owing to the small 
crop, which may, perhaps, be attributed to the fact mentioned earlier 
in this article. It may also be noticed that freight had come down 
to the usual ly^d. per pound. In April he returns to the question 
of the exchanges, stating that 

the sale of Exchange has always been extremely limited here and lately 
we have not been able to pass even the most trifling sums at any dis- 
count that could be offered. In the Northern States also where we have 
hitherto had it in our power to get through the largest negotiations, 
they write us that since the loss of the Bank Charter it is impossible for 
them to undertake the sales of the most limited sums in Sterling Bills, 
as they cannot possibly sell to meet drafts. 

As a consequence, no purchases were being made, and the stock of 
Upland was larger than he had ever known it before. The only 
hope was to discover some new mode of negotiating bills but " in the 
present general want of mercantile confidence we think it vain to 
look for new when the old have failed ". 

The last letter written by this agent to the Manchester firm, dated 
June 20, 181 1, confirms the one sent in April, and states 

that so far from greater facilities existing the pressure of the time is 
becoming greater daily, in consequence we see no probability of ship- 



284 



G. W. Daniels 



ments of cotton taking place at present. Such indeed is the state of 
things that unless some remarkable change takes place which will give 
a sale for bills on England, the cotton now left as well as the next crop 
must remain with the Planters. 

At this time Upland could be bought at 12 to 12% cents, and Sea 
Island at 20 to 23 cents per pound, the exchange standing at a 
nominal seven per cent, below par. In September the Savannah 
agent appears to reach a climax by stating that "at present we 
cannot quote prices as we have no purchasers in the market and 
everything is in a state of stagnation ". The following figures, 
culled from the reports, are interesting as showing the exports of 
cotton in bags from Charleston to British ports during these trying 
months : 





October 29, 1810, to 
December 29, 1810 


December 30, 1810, to 
February 2, 1811 


February 2, 1811, to 
April 20, 1811 


April 20, 1811, to 
June 15, 1811 


Liverpool 


13.487 
4,206 
1,170 

577 

140 

40 


8,169 

2,539 

1,215 

978 


6,168 


2,785 
2,109 

3" 


Belfast 


987 
441 


Hull ... 




40 






349 
140 












Dublin. ...... 




847 
150 


295 
















Totals 


19,620 


13.390 


8,633 


5.SOO 



After the letter sent in September correspondence between the 
Savannah agent and the Manchester firm evidently ceased for nearly 
three years, as no letters either from or to him are found in the 
records. In April, 1815, it was renewed and the first communica- 
tion contains some matter of sufficient interest to justify quotation: 



Peace having taken place between this and Great Britain we take the 
liberty of renewing our correspondence with you, and to offer our serv- 
ices as commission merchants in the purchase of cotton, and the disposal 
of goods which you may address to our care. Should you direct us to 
make purchases of cotton on your account, we would recommend you to 
nominate some substantial house at the northward to endorse our Bills 
on you and dispose of them there, and on whom we could pass drafts 
for purchases made, with greater facility than disposing of our Bills on 
you here. This practice has been pursued here and has been found to 
answer every purpose. The quantity of cotton on hand here when the 
Peace was ratified was the remains of the three last crops, and may be 
estimated at about seventy thousand bags. A great part of this cotton 
is still at Augusta but is coming down daily; it is principally Upland 
cotton; the Sea Island was nearly all shipped to England by way of 
Amelia. We do not presume the next crop will be so abundant as in 



Cotton Trade under the Embargo 285 

former years owing to a great part of the lands in the up-country being 
cultivated in wheat that were formerly cultivated in cotton. On the 
sea-board the depredations committed by the enemy will prevent the 
usual quantity of Sea Island cotton being cultivated; the planters are, 
however, making every exertion to get as much as possible planted; 
much will, however, depend upon the seasons of which we will not fail 
to advise you from time to time. 

The above extracts indicate the position in the American cotton 
market in 181 1 so clearly, and also suggest the causes, that little 
comment is necessary. The Charleston agent evidently found the 
main source of the difficulties in the lack of opportunity for nego- 
tiating bills, and considered that this was due, almost entirely, to 
the lapse of the Bank charter. Without ignoring this cause, a more 
comprehensive view would be taken at the present day in an ex- 
planation of the situation. The monetary position in England, 
where the price of gold, already fourteen per cent, above the mint 
price in 1809, had increased by another six per cent, in 181 r, would 
have to be taken into account. 11 But, with the evidence given in 
England to the 1812 committee on the Orders in Council before us, 
probably the greatest emphasis would be laid on the effect of the 
Non-Importation Act. Accepting the state of affairs which ob- 
tained when this act came into operation, and ignoring the causes 
of the imbroglio, it is difficult to resist the conclusion that it was 
the most fundamental factor in creating the difficulties to trading 
between the United States and Great Britain in 181 1. This act 
appears to have been rigidly enforced, for, although efforts were 
made to introduce goods by circuitous routes, notably by the familiar 
route of Amelia Island and through Canada, they do not appear to 
have been very successful. 12 The declared value of the exports of 
British and Irish produce and manufactures to the United States 
in 181 1 amounted to less than £2,000,000 compared with almost 
i 1 1,000,000 in the previous year. 13 

In this article only a brief reference can be made to the state 
of the Liverpool market during this period of trade restriction with 
the United States. How the measures adopted by the American 
government affected prices may be seen from the table given below. 
In considering these prices the large imports of 1807, 1809, and 
1810 should be remembered, also that the import from Brazil which 
amounted to 3540 bags in 1808 had increased to 103,248 bags in 

11 Porter, Progress of the Nation (1912, rev. ed.), p. 499. 

12 Much evidence to this effect was given before the Committee on Orders in 
Council, Reports, 1812. See, for instance, evidence of Mr. Thornely, p. 344 
et seq. 

13 Porter, p. 479. 



286 G. W. Daniels 

1814. Many references are to be found in the literature of the time 
relating to the large stocks of cotton at Liverpool. 1 * The prices, 
while they are actual market prices relating to the same qualities of 
cotton so far as can be ascertained from brokers' weekly reports, 
have been chosen to show the trend of prices throughout the period, 
ignoring as far as possible the temporary fluctuations which re- 
peatedly occurred on receipt of news true or otherwise. Rumors 
were always in the air that the United States were either about to 
remove the restrictions, increase their stringency, or impose new 
ones. It is not surprising to learn, therefore, that throughout the 
period speculation was rampant, and it is more than probable that a 
Liverpool broker offered a correct explanation of many fluctuations 
when, in one of his reports, he attributed a depression of prices to 
the gambling business that was taking place in the market more than 
to any other cause. 

From the commencement of the war with Great Britain in 1812, 
it is evident however that a cessation of hostilities was expected at 
any time. From the latter months of 1813, when it became known 
that the power of Napoleon had received a severe shock, to the 
signing of the treaty of Ghent, rumors became increasingly preva- 
lent, and in this period speculation ruled prices rather than exercised 
an influence upon them. The state of affairs is exactly described 
in a pamphlet written in 1816 by a Liverpool broker who was 
actually in the midst of things. 15 After referring to the arrival of 
the news regarding the defeat of the French at Leipzig he continues : 

No sooner was this news known than an immediate speculation took 
place in buying goods not only in Manchester, but by numbers of houses 
in Liverpool in buying cotton, as there was nothing equal to cotton to 
speculate upon, not only regular merchants, but brokers, grocers, corn 
merchants, timber merchants, tobacconists, coopers, etc., etc. By this 
speculation cottons were run up beyond all bounds, which not only 
seriously injured the manufactures, but many of the speculators became 
themselves heavy sufferers, and almost every artifice was adopted to 
raise unfounded reports which got inserted in the London newspapers 
as news from Liverpool, but which had no other foundation than merely 
report without cause. Then came on the meeting at Ghent of the nego- 
tiators from this country and America, and during the time they were 
there, it was a famous handle for fabrications by which many commercial 
men were great sufferers, it being believed that the Americans at Ghent 
had their particular friends in this country, to whom they might give a 

1* Smithers, Liverpool, p. 141 ; Orders in Council, Reports, 1808, p. 104; Han- 
sard, June 29, 1813; Times, April 5, 1813. 

is Remarks on Cotton and Retrospective Occurrences for more than Thirty- 
six Years last past, by John Slack, Cotton Broker and Accountant, Liverpool. 
A short account of the writer of this pamphlet is given in Ellison, Cotton Trade 
of Great Britain, pp. 243-246. 



Cotton Trade under the Embargo 



287 



hint, if they would keep a secret, on which it was conjectured that some 
had acted. . . . When any news was circulated that breathed difficulties to 
any adjustment then cotton was immediately on the advance and buyers 
coming to Liverpool. 

That there is no exaggeration in this account is borne out by the 
reports sent by Liverpool brokers to their Manchester clients. 

Peices of American Cotton in the Liverpool Market, 1807-1814IG 



1S07 



Bowed S. Island 



Bowed S. Island 



Bowed S. Island 



Bowed S. Island 



January. . 
February . 
March 

April 

May ...... 

June 

July 

August . . . 
September 
October. . 
November 
December . 



16-17 
ioi-l7i 
I7i-I9 

I7-I7i 
i6|-i 7 f 

162-172 
I7f-i8 

15-162 

14I-16J 

1 22-iS 2 

I3-I4i 

13-14 



25-26! 
25-28 
27-29 
28-30 
27-28 
27-28 
26-27 
26-27 
24-263 
24-27 
24-26 
24-26 



133-14 
14-16 

I43-I53 
15-16 
18-19! 

18J-19 

203-22 
21-22! 
24-30 
31-33 
30-3 li 
31-32 



253-29 
26J—29 
273-30 
27§-30 
28-31! 

27 
29-36 
36-42 
36-42 
48 
52 
52-60 



313- 
27- 

25- 

18- 

16- 

13*- 

I4i- 

i6f 
16- 
18- 
19- 

203- 



32 

282 

•27 

20 

i6| 

■15 

■isi 
•17 

■18 
■19 
-213 
■22 



69 

57 

48 

33-34 

27-30 

24J-27 

2S-28| I 4 |- 

27-273 13-1 



21- 

I8- 

I5i- 

153- 

I5f 

I4i" 



24-26 

28J 

28-29!' 11! 

29-30 I 12 



I3t" 

13- 



22 

■18! 

-i 6 J 
■16! 
■i6i 
16 

■1 si 
•15! 
16 

■Mi 
14! 

14 



28i-30 
26-29! 
24-26 
25-26 
25-26 
23-243 
24-25 
23-24 

22-25 

23-243 
22!-26 

23-24 



Bowed S. Island 



S. Island 



i8t 3 



S. Island 



Bowed 



S. Island 



January . . 
February . 

March . . . 

April 

May 

June 

July 

August . . . 
September 
October.. . 
November 
December . 



12-134 23f-25f 
nl-13 



12-J- 

ni- 
11J- 
10!- 

ioi- 

11- 
ni- 

11- 
123- 
I3f 



14-16! 
143-153 



133 21J-22 



22-23 
20-23 
19-21 

I2|'l8i-2o! 
I2|!l8!-2I 
I2||l8!-2lf 
12! 173-19! 
I3¥l8|-22 
■15 25-26! 



131- 

12!- 

134- 

14- 

I3i" 

14- 

I4i- 

isi- 

I7i- 



151 

141 

15 

15 

15 

■is* 

16 

is! 

I8i 



25-275 

25i-26 

22-23 

21—22 
22-24 

23-24 
2lf-24 
223—253 

23i-25 
27-30 
28-29 
33-36 



232-25 

22!-24! 

22-24 
22!-24 

2 2-23 J 
2o!-22! 

21-22 

22-23 
2lf-22! 
22!-24i 
22J-20 

27-30 



30-35 

35-37 

35-39 
34-36 
34-36 
32-36 
32-34 
33-36 
35-37 
33-37 
36-40 
39-45 



293-31 
Reports 
missing 

33-34 
273-31 
273-30 

24-26 
245-25 
25i-27 
291-33 
26|-28 
28!-30 
2ii— 26 



42-48 
Reports 
missing 
46-49 
46-47 
44-48 

36-44 
36-39! 
39!-45 
42-51 
42-44 
48-60 
42-48 



G. W. Daniels. 



16 The prices are given in pence.